We Investigated Lamfex: Legit or Scam? The Facts

Recently, Lamfex.com website appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably indicates it is, in truth, a fraudulent platform.

Regardless of the promises of the most convenient, dependable, and client-friendly service, Lamfex.com does not offer any of them. In fact, all this is just a gilded wrap around a clear scam, which takes your funds and never returns them. Any tales about gifts, endorsement from celebrities etc are non-existent as well.

Lamfex Scam Overview

Originally, Lamfex poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another notable marketing point for this platform is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, rascals employ AI-generated videos with those celebs advertise the fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Lamfex Scam

First and foremost, Lamfex copies the design of many equivalent pages. There are quite a few examples, like Azlemo, Gravybit or Moulwex. They are totally indistinguishable in terms of graphic elements, with slight discrepancies in the website header. Other details, and at times even crypto wallet addresses, are identical. Most likely, all these deceptive online platforms are led by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Lamfex Scam Works?

Lamfex is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the similar overall layout. Another common element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply advanced psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals establish and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Using bots and sponsored advertisements (when possible), fraud actors intensify the exposure of their fraudulent activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Lamfex in TikTok. Most of these videos are AI-generated deepfakes

Users get a stimulus to sign up, attracted by the assurance of obtaining cryptocurrency prizes valued at thousands of dollars, all free of charge. To increase the attractiveness of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After following the ads, targets end up on a page filled with appealing offers. “Crypto starts with Lamfex”, “Your crypto savings are secured with Lamfex, “Start earning with Lamfex – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the promoted bonus requires registration. And since nothing suspicious happens at this point, unaware users happily proceed – especially as the bonus appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal info, frauds will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, scammers bait folks for registration with bonuses. And all the personal data needed for it – email, username, crypto wallet address – are valuable for user identification. Solely by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make it at least usable for crypto purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any crypto operations require having money on your account. With Lamfex, users are also coerced to top up to get the bonuses. And this is what creates most of the money flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred funds and withdraw them.

This is where the first obvious problems start to surface. When comparing the real crypto wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers have zero intentions to give your money back. But to make the fraud look more realistic, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC guidelines say, but for the Lamfex.com they are here exclusively to make the wireout impossible.

By asking for your personal information, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you would desperately need to undergo before getting your grand back. And each of these checks will reveal more and more info of yours, which – you guessed it right – will be then sold on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Lamfex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Lamfex.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Lamfex arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Lamfex resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Lamfex employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Lamfex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Lamfex.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Lamfex site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional financial setbacks.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the timeline of the scam, scoundrels may reach out to you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier determined, these scoundrels have no intent of returning your money. So, what can these email messages and browser plugins represent? You guessed – this is another component of the deceptive plan designed to throw you into willingly running harmful software onto your device.

Both plugins and files added to emails can serve as a carrier for various malware. In this situation, I expect the presence of spyware and stealers among all forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As stated, their conscience is of no concern, and their reputation is already seriously marred. They have nothing to lose and strive to maximize profits.

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